If there are any other amateurs like me who figured they would become an instant coin dealer and make millions in their first year, here are a few numbers... (For the veterans, i know i know...just let this one go, please.) If you buy silver coins from ebay at the same price as some dealers, (12.42x face value), and resell for the average ebay going rate (13.8x face value), you will break even, less shipping costs. So in order to buy and sell silver coins on ebay at a profit, you would have to ship for free, and buy for less than 12.42x face value. Keep in mind, the more you buy, the higher shipping will cost to sell. Also keep in mind, the 12.42x face value includes the shipping you pay when you buy. This is based on 9% ebay fee. This includes an estimated 1% ebay listing fee to resell. This does not take into account PayPal fees. This "study" was based on 1933-1964 90% Silver Washington Quarters.
I don't know any dealer who pays that much for common silver coins. I normally pay 7-9 times face depending on silver spot. Try running a few adds in your local paper and on craigslist advertising that you buy old coins and currency.
I have called a few of the ones that have TV ads and such. I have come across one that pays 7x, but the rest pay 10-12x. That is not a bad idea. Just put an ad out saying I'll buy change for up to 5x what its worth. Maybe someone would bite.
You might want to be a little bit more specific than that. My first add simply said I wanted to buy old coins and currency. I got about 3 calls a day from people wanting to know how much I would pay for there 1940'ish to 1950'ish wheat cent. Also when people ask about your prices be honest and tell them the truth. I have many repeat customers that know I buy and resell. Also check your local pawn shops, chances are they do not have a "coin guy" and if they do it is becuase he bought a red book. I find a lot of good deals in pawn shops and they will hold coins for me because I am a repeat customer.
I actually stopped in a pawn shop today to see what they had. They were offering generic 90% at 13x. When I asked how much they would give me for 90% half dollars they told me they pay 5x for 90%. These places get me upset because they'll take you to the cleaners if you don't really know what you have. I understand it's their buisness but I guess I just find honesty and morals to be a little more important. I'm fine with it if they disclose up front what the silver value of the coin is and then offer what they will, but that doesn't happen.
I disagree about Pawn shops being a good place to check out. And let's forget about the exceptions. I would say that they might be a good place to cherry pick, but as far as 90% (or 40%) silver, you don't need to be a "coin guy" to figure that out. Come on. These guys are the modern snake oil salesmen. You don't have to be the sharptest tool in the shed to figure out what pre-1965 silver coins are worth.